Delfi Limited reported net profit after tax and minority interests of US$33.2 million for the year ended Dec 31 2025, down 2.1 per cent year-on-year, as higher contributions from its own-brand portfolio cushioned weaker agency-brand volumes and currency headwinds.

Revenue slipped 0.5 per cent year-on-year to US$500.1 million. The board proposed a final dividend of 1.72 US cents a share, bringing the total FY2025 payout to 2.72 US cents, or 50 per cent of earnings. An interim dividend of 1.00 US cent a share was paid earlier in the year.

Segmentally, Indonesia remained the largest market with revenue of US$301.3 million, 4.1 per cent lower year-on-year. Own-brand sales in the country rose on the back of promotional campaigns and a government stimulus package, but this was offset by a 26.9 per cent drop in agency-brand sales following reduced promotional support and the termination of one agency account in the third quarter. Regional Markets revenue, covering Malaysia, the Philippines and other territories, grew 5.5 per cent to US$198.8 million, led by Malaysia.

Group gross profit slipped 3.7 per cent to US$132.8 million, while the margin narrowed to 26.5 per cent from 27.4 per cent, reflecting a weaker Indonesian rupiah, higher promotional spending and a less favourable product mix. Earnings before interest, tax, depreciation and amortisation eased 1.9 per cent to US$59.2 million; the EBITDA margin was little changed at 11.8 per cent.

Cash generated from operations rose to US$78.1 million from US$52.5 million a year earlier, aided by tighter working-capital management that saw inventories reduced by US$14.9 million. The group closed the year with cash and bank deposits of US$68.0 million and no net debt.

Looking ahead, management said it will prioritise investment in core brands, product innovation and wider distribution to defend market leadership in Indonesia and capture growth opportunities across Southeast Asia. It also intends to expand geographical coverage and enhance its sales organisation to secure better shelf positioning.

Chief executive John Chuang said the year’s performance was achieved against historic peaks in cocoa prices and a challenging global backdrop. He noted that while recent softening in cocoa prices offers some relief, the company remains vigilant given Indonesia’s uncertain macroeconomic outlook. He added that Delfi will continue to pair growth initiatives with strict financial discipline to deliver sustainable value.